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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, March 20, 2019, Vol. 20, No. 57

                           Headlines



B R A Z I L

AVIANCA BRASIL: Judge Allows Lessor to Seek Seizure of 10 Planes
BANCO BMG: Moody's Affirms B1 Deposit Rating; Outlook Stable
JBS SA: JBS SA to Host 4Q & 2018 Earnings Call on March 29


C O L O M B I A

COLOMBIA: Thousands Protest Defending FARC Peace Treaty


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Drought 'Won't' Hurt Rice Price, Supply


J A M A I C A

UC RUSAL: Oleg Deripaska Suing US for Sanctioning His Companies


P U E R T O   R I C O

LUBY'S INC: Bandera Master Has 8.2% Stake as of Feb. 1
PUERTO RICO: Debt Adjustment Plan Not 'Realistic' in April


V E N E Z U E L A

VENEZUELA: Caracas Struck by Power Cuts Amid Protests
VENEZUELA: Denounces that its Headquarters in the US are Occupied
VENEZUELA: Maduro's Restructuring Shows Weakness, Guaido Says

                           - - - - -


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B R A Z I L
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AVIANCA BRASIL: Judge Allows Lessor to Seek Seizure of 10 Planes
----------------------------------------------------------------
Marcelo Rochabrun at Reuters reports that a Brazilian appeals judge
lifted an order that allowed struggling carrier Avianca Brasil to
operate 10 of its planes despite missed leasing payments.

The decision is the latest development in a bitter legal fight
between lessors and the carrier, which is going through bankruptcy
protection, and which could disrupt the airline's ability to
complete scheduled flights, according to Reuters.

Avianca Brasil could still seek an emergency injunction in Brazil's
Superior Court of Justice, the report notes.  An Avianca Brasil
representative said the carrier was unaware of the legal decision,
a copy of which was reviewed by Reuters.

Avianca Brasil filed for bankruptcy protection in December after
falling behind on lease payments for most of its fleet of more than
45 Airbus planes, the report relays.  Since then, it has scored
several rounds of successful court decisions that allowed it to
hold onto the planes despite vigorous protests from its lessors,
the report discloses.

But a Brazilian appellate judge said the carrier had failed to meet
one of the conditions to keep the planes: that it resume and keep
up with its regular monthly payments, the report relays.

Lessor Aircastle Ltd filed the appeal. Avianca Brasil is its single
biggest customer and operates 10 Airbus planes owned by Aircastle,
the report ntes.

In a statement, Aircastle said it is hoping for a prompt return of
the aircraft so they can be leased again to other carriers, the
report says.

"While the process of repossession has been delayed," the lessor
said in a statement, "Aircastle is appreciative that this new
ruling adheres to the rule of law and provides a path towards
resolution," the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2018, Ana Mano and Marcelo Rochabrun at Reuters said that
Brazil's fourth-largest airline, Avianca Brasil, filed for
bankruptcy protection, saying its operations had been threatened
by potential repossession of aircraft, which could prevent the
carrier from continuing to operate.  The unlisted airline said in
its bankruptcy filing that leasing companies seeking to take back
some 30 percent of its all-Airbus fleet threatened its ability to
fly some 77,000 passengers in December, according to Reuters.

Avianca said in a statement that the bankruptcy filing resulted
from a failure to reach a "friendly agreement." It also said its
flights would not be affected, the report relayed.  The aircraft
are still under Avianca Brasil's control for now and it remains
unclear what their fate will be as the carrier is asking a
Brazilian court to allow it to keep the planes for now, the report
noted.  The report disclosed that the airline said in the filing
it largely blamed high fuel prices and a strong dollar for its
troubles.

BANCO BMG: Moody's Affirms B1 Deposit Rating; Outlook Stable
------------------------------------------------------------
Moody's Investors Service has affirmed ratings and assessments
assigned to Banco BMG S.A. (BMG) in the global scale, including its
long-term local and foreign currency deposit ratings of B1, foreign
currency senior unsecured MTN program debt rating of (P)B1, and
foreign currency subordinated debt rating of B2. At the same time,
Moody's upgraded BMG's long-term Brazilian national scale deposit
rating to Baa2.br from Baa3.br. The outlook was changed to stable
from negative.

RATINGS RATIONALE

The affirmation of BMG's global scale ratings and the change in
outlook to stable, from negative, reflect Moody's expectation that
the bank will benefit from recurring earnings generated from its
core payroll-linked credit card operation, which has now achieved
enough scale to boost the bank's profitability, in turn supporting
capital replenishment and stabilization of its asset quality.

BMG's profitability has improved materially over the past 18
months, an evidence of the consolidation of the bank's efforts to
achieve leadership in financing of credit cards linked to public
servants' payroll and retirees' pension payments, with over 65%
market-share. Having pioneered the payroll linked loans in the
Brazilian market in 1998, BMG has leveraged its expertise and
relationships as it focused on the payroll credit card financing,
following the sale of its payroll loans business to Itau Unibanco
S.A. (Ba2/stable/ba2) in 2016. The payroll credit card yields
higher margins than payroll deductible loans and has significantly
lower delinquency than traditional credit card loans. While the
product offers solid growth prospects, BMG faces competition from
large retail banks and it is likely to see new entrants, a dynamic
that could squeeze its margins. Despite the potential negative
pressure on profitability, BMG will continue to generate more than
70% of its interest income from payroll credit cards.

The affirmation of the bank's ratings also reflects Moody's
expectation that nonperforming loans will stabilize at around 3% to
4% of total loans in 2019, supported by its predominantly low risk,
highly regulated payroll credit card loans, and by the run-off of
its small book of riskier loans to small and mid-sized companies
(SMEs). However, BMG has plans to also grow its portfolio of
unsecured consumer loans, targeted at its existing borrowers, which
accounted for modest 4.6% of total loans but had a delinquency
ratio of 20.3% at year-end 2018. While BMG intends to limit this
portfolio to a maximum of 10% of total loans over the next 12 to 18
months, these exposures could pressure its asset quality.

BMG has also managed to reduce funding costs by increasing the
share of granular stable deposits from individuals to 73% of its
total funding in 2018, from 67% one year prior, particularly
through its proprietary digital distribution platform and
relationship with brokers. The diversification of BMG's funding
base is a credit positive move that also boosted its profitability.
However, BMG is likely to tap additional market funding
alternatives to support any faster loan growth particularly in
light of its longer tenor loan portfolio.

The stable outlook also reflects the bank's improved capital
position over the past quarters. Moody's favorite capital ratio,
measured as adjusted Tangible Common Equity as a percentage of Risk
Weighted Assets (TCE/RWA), increased to 7.9% in 2018, from 5% in
2016, resulting from a decline in the stock of deferred tax assets
(DTAs) and goodwill. Improved profitability and a disciplined
dividend policy will strengthen BMG's capital base and support
BMG's future growth.

The upgrade of BMG's Brazilian national scale rating to Baa2.br
incorporates the steady improvement of the bank's financial metrics
when compared to that of peers with similar creditworthiness.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward pressure to BMG's BCA could result from material and
sustainable generation of recurring earnings and improvements in
asset quality. Continued improvement in capitalization could have
positive pressure on its BCA.

Conversely, BMG's ratings could be downgraded if the bank's
profitability and capitalization deteriorate. Changes in the
regulatory framework of its core business or rapid growth to
address competitive pressures could result in adverse selection,
sharply deteriorating asset risks and adding negative pressure on
ratings.

METHODOLOGY

The principal methodology used in these ratings was Banks published
in August 2018.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and issuers
within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global scale
credit ratings in that they are not globally comparable with the
full universe of Moody's rated entities, but only with NSRs for
other rated debt issues and issuers within the same country. NSRs
are designated by a ".nn" country modifier signifying the relevant
country, as in ".za" for South Africa. For further information on
Moody's approach to national scale credit ratings, please refer to
Moody's Credit rating Methodology published in May 2016 entitled
"Mapping National Scale Ratings from Global Scale Ratings". While
NSRs have no inherent absolute meaning in terms of default risk or
expected loss, a historical probability of default consistent with
a given NSR can be inferred from the GSR to which it maps back at
that particular point in time.

Banco BMG S.A. is headquartered in Sao Paulo, Brazil. As of 31
December 2018, BMG reported consolidated assets of BRL16.9 billion
and shareholders` equity of BRL 2.6 billion.

LIST OF AFFECTED RATINGS AND ASSESSMENTS

These ratings and assessments assigned to Banco BMG S.A. were
affirmed:

Long-term global local currency bank deposit rating affirmed at B1,
outlook change to stable, from negative

Short-term global local currency bank deposit rating affirmed at
Not Prime

Long-term global foreign currency bank deposit rating affirmed at
B1, outlook changed to stable, from negative

Short-term global foreign currency bank deposit rating affirmed at
Not Prime

Long-term global foreign currency senior unsecured MTN rating
affirmed at (P)B1

Short-term global foreign currency MTN rating affirmed at (P)Not
Prime

Foreign currency subordinate debt rating affirmed at B2

Short-term Brazilian local currency national scale deposit rating
affirmed at BR-3

Long term local currency counterparty risk rating affirmed at Ba3

Short-term local currency counterparty risk rating affirmed at Not
Prime

Long term foreign currency counterparty risk rating affirmed at Ba3


Short term foreign currency counterparty risk rating affirmed at
Not Prime

Long term Brazilian local currency national scale counterparty risk
rating affirmed at A3.br

Short-term Brazilian local currency national scale counterparty
risk rating affirmed at BR-2

Long-term counterparty risk assessment affirmed at Ba3(cr)

Short-term counterparty risk assessment affirmed at Not Prime(cr)

Baseline credit assessment affirmed at b1

  -- Adjusted baseline credit assessment affirmed at b1

  -- Outlook Actions:

  -- Outlook changed to Stable, from Negative

This rating assigned to Banco BMG S.A. was upgraded:

  -- Long-term Brazilian local currency national scale deposit
rating to Baa2.br, from Baa3.br, outlook change to stable, from
negative

JBS SA: JBS SA to Host 4Q & 2018 Earnings Call on March 29
----------------------------------------------------------
JBS USA will hold its fourth quarter and year-end 2018 earnings
conference call on March 29, 2019, at 11:30 a.m. Eastern (9:30 a.m.
Mountain).  The call will be open to investors in the Company's
bonds and term loan, as well as lenders to the Company's revolving
credit facility and prospective investors, securities analysts and
market makers.  More information about the call will be posted to
the Company's website at www.jbssa.com. On the website, please go
to the "Investors" page and select the "JBS USA bond investors"
link.  Financial statements and related data for the fiscal year
2018 will be made available to investors on the Company's website
prior to the call.

As reported in the Troubled Company Reporter-Latin America on Oct.
22, 2018, Fitch Ratings has assigned an expected rating of 'BB-' to
a proposed benchmark USD-denominated senior unsecured notes issued
by JBS Investments II GmbH, a wholly-owned subsidiary of JBS S.A.
(JBS). These notes will be unconditionally guaranteed by JBS S.A.
The notes will rank pari-passu with JBS's other unsecured
obligations. The proceeds are expected to be used to refinance
existing indebtedness including JBS's 2020 notes pursuant to a cash
tender offer.



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C O L O M B I A
===============

COLOMBIA: Thousands Protest Defending FARC Peace Treaty
-------------------------------------------------------
The Latin American Herald reports that thousands of peace advocates
in Colombia took to the streets in support of the agreement signed
over two years ago with the FARC, whose implementation is currently
uncertain due to partial objections by President Ivan Duque to the
statutory law of the Special Jurisdiction for Peace (JEP).

In Bogota, protesters gathered at various points in the city
marching to the central Plaza de Bolivar, center of Colombian
power, and express their rejection to the objections made by Duque
on March 10 to six of the 159 articles of the law regulated by the
JEP, according to The Latin American Herald.

As in Bogota, the Colombian opposition made their appeal on the
streets of Medellin, Bucaramanga, Barranquilla, Cali and Cartagena,
among other cities, the report notes.

In the capital, where, as usual, the largest demonstration was
held, attendees carried banners reading "Peace is necessary. The
JEP is special. We embrace the JEP," the report relays.

Also, colorful banners adorned with flowers and painted children's
hands said "Citizens demand truth and justice. Support for the
JEP," the report notes.

The report relays that Mr. Duque pointed out at the time that the
objections to those articles were made due to inconvenience and
affirmed that this does not affect the fulfillment of the peace
agreement signed between the Government and the FARC guerrilla, now
a political party, in November 2016.

In addition, the president said he objected to the six articles so
that the JEP guarantees the application of the truth, justice,
reparation and non-repetition principles that are part of the
agreement, the report discloses.

Among the protesters was Humberto de la Calle, who was the head of
the government's negotiating team during the peace negotiations, as
well as former Interior Ministers Guillermo Rivera and Juan
Fernando Cristo, both serving during the administration of Juan
Manuel Santos (2010-2018), the report relays.

The report says that a group of the Common Alternative
Revolutionary Force (FARC) party, to which the guerrilla group was
transformed, also attended the march in Bogota and its delegation
was headed by senators Pablo Catatumbo and Carlos Antonio Lozada.

Both occupy two of the five seats in the Senate which the agreement
guarantees to the FARC for two legislative periods regardless of
their electoral result, the report notes.

Catatumbo and Lozada held a banner in the front row, proclaiming
"Defend the peace," and walked accompanied by Rivera, Christ, left
senator Ivan Cepeda and former presidential candidate Clara Lopez,
who is also a progressive, the report discloses.

Likewise, the Senator of the Green Alliance, Antanas Mockus, the
second most voted for in the last legislative elections, and
opposition leader Gustavo Petro, a former guerrilla member who was
defeated by Duque in the second round of the presidential
elections, marched next to the banner, the report relays.

"This is about if the future in Colombia is an era of peace or is
the continuity of an era of violence that is already 60 years old,"
Mr. Petro added.



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D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Drought 'Won't' Hurt Rice Price, Supply
-----------------------------------------------------------
Dominican Today reports that the drought that impacts much of the
Dominican Republic won't prevent the supply and stable price of
rice for consumers, the Agriculture Ministry's National Rice
Commission announced in a meeting.

Moreover, National Rice Producers Federation (Fenarroz) president
Juan Maria, said the drought has most affected the Northwest,
according to Dominican Today.

He noted, however, that there's a water shortage in the Central
Cibao region but not to the point of curtailing production, the
report ntoes.

"In the Cibao Central is where the largest rice production is, 70
percent, and I said that it is possible that the rice production
that is going to be reduced in the Northwest, basically in
Montecristi, that area of Castanuela, is going to compensate the
Central Cibao, because the Cibao is totally planted and the drought
is favorable for rice," the report quoted Mr. Maria as saying.

As reported in the Troubled Company Reporter-Latin America on Sept.
24, 2018, Fitch Ratings affirmed Dominican Republic's Long-Term,
Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook.



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J A M A I C A
=============

UC RUSAL: Oleg Deripaska Suing US for Sanctioning His Companies
---------------------------------------------------------------
RJR News reports that Russian tycoon Oleg Deripaska is suing the
United States, alleging that it overstepped its legal bounds in
sanctioning his companies including UC Rusal, the parent company of
Jamaica-based mining company Windalco.

Mr. Deripaska had to reduce his ownership of Rusal as part of a
deal to lift sanctions on the company, according to RJR News.

He said the sanctions on his companies have made him the latest
victim in the ongoing US probe into Moscow's alleged political
interference, the report adds.

As reported in the Troubled Company Reporter-Latin America on
April 18, 2018, Fitch Ratings revised the Rating Watch on
Russia-based aluminium company United Company Rusal Plc's Long-
Term Issuer Default Rating (IDR) of 'BB-', Short-Term IDR of
'B' as well as Rusal Capital D.A.C.'s senior unsecured rating of
'BB- '/'RR4' to Negative from Evolving. Fitch simultaneously
withdrew all the ratings.

UC Rusal, the parent company of Jamaican-based West Indies Alumina
Company (Windalco).



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P U E R T O   R I C O
=====================

LUBY'S INC: Bandera Master Has 8.2% Stake as of Feb. 1
------------------------------------------------------
Bandera Master Fund L.P. disclosed in a Schedule 13D/A filed with
the Securities and Exchange Commission that as of Feb. 1, 2019, it
beneficially owned 2,431,745 shares of common stock of Luby's Inc.,
constituting approximately 8.2% of the Shares outstanding.  By
virtue of their respective relationships with Bandera Master Fund,
each of Bandera Partners LLC, Gregory Bylinsky and Jefferson Gramm
may be deemed to beneficially own the Shares owned directly by the
Master Fund.

The aggregate percentage of Shares reported owned by each person
named herein is based upon 29,762,888 shares of Common Stock
outstanding, which is the total number of shares of Common Stock
outstanding as of Jan. 23, 2019 as reported in the Issuer's Annual
Report on Form 10-K/A filed with the Securities and Exchange
Commission on Jan. 28, 2019.

The Shares purchased by Bandera Master Fund were purchased with
working capital (which may, at any given time, include margin loans
made by brokerage firms in the ordinary course of business) in open
market purchases, except as otherwise noted.  The aggregate
purchase price of the 2,431,745 Shares owned directly by Bandera
Master Fund is approximately $6,349,215, including brokerage
commissions.

The Shares purchased by Mr. Gramm were purchased using personal
funds.  The aggregate purchase price of the 10,000 Shares owned
directly by Mr. Gramm is approximately $44,660, including brokerage
commissions.

A full-text copy of the regulatory filing is available for free at:
https://is.gd/tY6y9O

                          About Luby's

Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 140 restaurants nationally as
of Dec. 19, 2018: 82 Luby's Cafeterias, 57 Fuddruckers, one
Cheeseburger in Paradise restaurants.  Luby's is the franchisor for
103 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, the Dominican Republic,
Panama, and Colombia.  Luby's Culinary Contract Services provides
food service management to 30 sites consisting of healthcare,
corporate dining locations, and sports stadiums.

Luby's reported a net loss of $33.56 million for the year ended
Aug. 29, 2018, compared to a net loss of $23.26 million for the
year ended Aug. 30, 2017.  As of Dec. 19, 2018, Luby's had $208.9
million in total assets, $100.83 million in total liabilities, and
$108.05 million in total shareholders' equity.

Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and net
cash used in operating activities of approximately $8.5 million.
The Company's term and revolving debt of approximately $39.5
million is due May 1, 2019.  The Company was in default of certain
debt covenants of its term and revolving credit agreements maturing
on May 1, 2019.  On Aug. 24, 2018, the lenders agreed to waive the
existing events of default resulting from any breach of certain
financial covenants or the limitation on maintenance capital
expenditures, in each case that may have occurred during the period
from and including May 9, 2018 until Aug. 24, 2018, and any related
events of default.  Additionally, the lenders agreed to waive the
requirements that the Company comply with certain financial
covenants until Dec. 31, 2018, at which time the Company will be in
default without an additional waiver or alternative financing.

These conditions, along with other matters, raise substantial doubt
about the Company's ability to continue as a going concern.


PUERTO RICO: Debt Adjustment Plan Not 'Realistic' in April
----------------------------------------------------------
Karen Pierog at Reuters reports that the executive director of
Puerto Rico's federally created financial oversight board said that
a plan to restructure the U.S. commonwealth's core government debt
likely cannot be done by the end of April.

An attorney for the board told a U.S. judge who is hearing Puerto
Rico's bankruptcy cases that a draft plan was expected next month,
according to local media reports, notes Reuters.

But the oversight board's executive director, Natalie Jaresko, said
the attorney meant to say that the plan could be filed with the
court "at best" in April, the report notes.

"I don't think it's highly realistic to do this by the end of
April," Mr. Jaresko said, adding that the board's goal is to seek
court confirmation of a plan before year end, the report relays.

Negotiations are ongoing with creditors over a plan of adjustment
for roughly $13 billion of general obligation debt and almost $50
billion in unfunded pension obligations, although the board has
asked the court to void more than $6 billion of GO bonds issued in
2012 and 2014, the report notes.

"We're trying not to do a cramdown, but I don't know where that's
going to end up in the end," Mr. Jaresko said, referring to a
process where an adjustment plan could be imposed on certain
creditors, the report discloses.

She took questions from the media following a meeting with members
of the U.S. House Natural Resources Committee, which oversees U.S.
territories and which has raised concerns over the 2016 federal
Promesa law that created the oversight board, the report relays.

"I think the Promesa law is working right now," Mr. Jaresko said,
adding that she cannot predict whether Congress would seek to
revise it, the report notes.

The privatization of Puerto Rico's bankrupt power utility, PREPA,
is "moving forward," but its pace "needs to improve," Jaresko
warned, the report relays.

Governor Ricardo Rossello disclosed in January 2018 his plans to
privatize PREPA, a process that was expected to take 18 months, the
report relays.  It was not until earlier this year, however, that
the government selected companies to bid on taking over the
distribution and transmission of power on the island, the report
notes.  The utility, which filed for bankruptcy in the summer of
2017, continues to negotiate with its creditors to restructure
roughly $9 billion in debt, the report discloses.

Puerto Rico has won court approval for restructurings of debt from
its Government Development Bank and Sales Tax Financing Corporation
known as COFINA, the report adds.

                     About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera
& Sifre, P.S.C. and serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc., and
the First Puerto Rico Family of Funds, which collectively hold over
$4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued by
Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP, Autonomy
Capital (Jersey) LP, FCO Advisors LP, and Monarch Alternative
Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management
II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.  The
Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &
Milian, C.S.P., as its attorneys.  The Creditors Committee tapped
Paul Hastings LLP and O'Neill & Gilmore LLC as counsel.



=================
V E N E Z U E L A
=================

VENEZUELA: Caracas Struck by Power Cuts Amid Protests
-----------------------------------------------------
EFE News reports that parts of the Venezuelan capital experienced
power cuts amid protests by residents of some neighborhoods who say
they are still waiting for electricity and water service to be
restored following the nationwide blackout of March 7-12.

Also affected were the towns of Guarenas and Guatire, near Caracas,
according to EFE News.

State-run utility Corpoelec said on Twitter that substations in
Guarenas and Guatire were "affected by power fluctuations" on the
lines carrying electricity to the capital area from Carupano, in
the northeastern state of Sucre, the report notes.

Efforts were under way to address the problem, Corpoelec said, the
report relays.

The report says that the new outages occurred as residents of the
east Caracas neighborhood of Palo Verde said that they have been
without power and running water for nearly two weeks.

The former mayor of the Sucre district, which includes Palo Verde,
spoke out about the situation on Twitter, the report says.

"People of Palo Verde . . . have not had LIGHT or WATER for 12
consecutive days. They are 200 families affected since the day of
the mega-blackout," Carlos Ocariz wrote, the report says.

Protesters in Palo Verde told EFE that the extended outage had
caused food to spoil and damaged household appliances.

"Since there was the general blackout in all of Venezuela . . . we
are without light. This is exceedingly serious because we have
older people, sick people," attorney Reina Rodriguez Montilla, 52,
said, the report discloses.

Palo Verde also remains without running water, she said, the report
notes.

In Los Chorros, another area in Sucre, residents say they have not
had water service for more than 50 days and that their written
complaints to the Sucre municipal administration and public utility
Hidrocapital have been ignored, the report relays.

Oil-rich Venezuela is suffering from a combination of
hyperinflation, shortages and breakdowns of public services such as
water, gas, electricity and transportation, the report discloses.

The report says that the problems with the power and water systems
have been common for some time and opponents of President Nicolas
Maduro's leftist government blame managerial incompetence and a
lack of proper maintenance.

Mr. Maduro, meanwhile, attributed the recent massive blackout to
sabotage by the opposition and its patrons in the United States,
though without providing evidence to back up the allegation, the
report notes.

Venezuela's chronic political crisis entered an acute phase on Jan.
23, when the speaker of the opposition-controlled National
Assembly, Juan Guaido, proclaimed himself acting president, the
report relays.

Washington rushed to recognize Guaido and nearly 50 other nations
followed suit. China, Russia and India are among the dozens of
countries that continue to support Maduro, the report adds.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in May 2018 removed its long- and short-term local
currency sovereign credit ratings on Venezuela from CreditWatch
with negative implications and affirmed them at 'CCC-/C'. The
outlook on the long-term local currency rating is negative. At the
same time, S&P affirmed its 'SD/D' long- and short-term foreign
currency sovereign credit ratings on Venezuela.  S&P's transfer and
convertibility assessment remains at 'CC'.

VENEZUELA: Denounces that its Headquarters in the US are Occupied
-----------------------------------------------------------------
EFE News reports that the Venezuelan government denounced that its
diplomatic headquarters in the United States are being forcibly
occupied and demanded that the government of President Donald Trump
"immediately reverse" the situation.

Through a statement from the Foreign Ministry, Venezuela claimed
"to the international community that its diplomatic headquarters in
the United States are being forcibly occupied by people who have
the public support of the US government and act as its
representatives," according to EFE News.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in May 2018 removed its long- and short-term local
currency sovereign credit ratings on Venezuela from CreditWatch
with negative implications and affirmed them at 'CCC-/C'. The
outlook on the long-term local currency rating is negative. At the
same time, S&P affirmed its 'SD/D' long- and short-term foreign
currency sovereign credit ratings on Venezuela.  S&P's transfer and
convertibility assessment remains at 'CC'.

VENEZUELA: Maduro's Restructuring Shows Weakness, Guaido Says
-------------------------------------------------------------
EFE News reports that the head of Venezuela's opposition-controlled
Parliament, Juan Guaido, who is recognized as the country's
legitimate interim president by more than 50 countries, said that
the weekend announcement of a restructuring of the Nicolas Maduro
government shows "great weakness" and insisted that "the chain of
command is broken."

"There's no cabinet, there's a usurpation of duties . . . What I
see is a very weak regime, a regime that has no answers, a regime
that doesn't govern but rather sings of victory for having one more
day during which it usurped duties," Mr. Guaido told reporters,
according to EFE News.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in May 2018 removed its long- and short-term local
currency sovereign credit ratings on Venezuela from CreditWatch
with negative implications and affirmed them at 'CCC-/C'. The
outlook on the long-term local currency rating is negative. At the
same time, S&P affirmed its 'SD/D' long- and short-term foreign
currency sovereign credit ratings on Venezuela.  S&P's transfer and
convertibility assessment remains at 'CC'.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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